Opec should consider re-introducing individual output quotas, shuffled quietly to one side in 2008, to prevent oversupply hitting prices if Iran increases its oil exports following a nuclear deal, an Opec delegate said.
Opec's oil output has surged in March, the producer group said in a report, adding to excess supply in the market despite more evidence that its strategy of letting prices fall to hurt other producers is taking effect.
In a mo
Quiet diplomacy among the world's biggest oil producers has heated up this week, yet observers see few signs that renewed discussion among Russia, Saudi Arabia, Venezuela and others will lead to action on output.
Brent crude oil hit 2015 highs above $63 per barrel on Thursday after a rally of more than 5 per cent the previous session and analysts said more price rises were likely despite market oversupply.
Front-month Brent crude futures r
An oil supply shortage may be the last thing on investors' minds right now, but the ability of Opec producers to cope with an unexpected surge in demand is diminishing fast, analysts and forecasters say.
For years, the Organiz
Russia's energy ministry has been holding active consultations with the Organization of Petroleum Exporting Countries (Opec) and Latin American oil producers which Deputy Prime Minister Arkady Dvorkovich described as "unprecedented&qu
World oil markets may take longer to tighten than expected due to a surge in Opec supply and a potential rise in Iranian exports, even as demand shows signs of strength, the International Energy Agency said on Wednesday.
World oil markets will not see a significant rise in Iranian supplies for up to five years even if the Opec member and world powers clinch a final nuclear deal by end-June, Fatih Birol chief economist and future head of International Energy Ag
World oil markets will not see a significant rise in Iranian supplies for up to five years even if the Opec member and world powers clinch a final nuclear deal by end-June, Fatih Birol chief economist and future head of International Energy Agen
Opec’s strategy of holding output steady is not working and the group's members should discuss production levels before its next meeting in June, Iran's oil minister said, a sign of the pain lower prices are causing Opec’s le